Got shot. My deepest congratulations to the people who made this possible and particularly the forces on the ground who were the only ones who have skin in the game putting their lives at risk fighting for an ideal of justice.
Justice have been serve at last.
I'll comment on the bearish stocks and some bullish ones next week, anyway there's not much to see for now in the s&p.
We are in the zone and should break this week.Will see.
Dan
India hikes interest rates again. 50bps.
ReplyDeleteICan
@greg,
ReplyDeleteWhat happened in Ontario? Vote split between the Libs and NDP?
ICan
@ICan, Southern Ontario looks all Conservative. Lunchpail areas appear to have gone NDP.
ReplyDeleteI still can't figure out why they ran Ignatieff. He's not likeable and he's got those eyebrow things happening. Both don't work on TV.
Does he have Dukakis brows, greg? You'd think in this day and age of vanity uber alles he'd get those things pared down. They frighten people.
ReplyDelete@Mannwich, not sure they are as bad as Dukakis, but they definitely needed some landscaping done. At least he didn't hop in a tank or anything, only because I don't think we have any.
ReplyDeleteMorning folks! Late start today.
ReplyDeleteDamn, GM sales up 26.4%! So much for Mish's "death watch" :-)
ReplyDeleteLOL greg. Good thing or it could have been worse for him.
ReplyDelete@Manny, sorry I've just been informed we do in fact have tanks. They are used by the army to clear snow in Toronto.
ReplyDeleteYou'll appreciate this Manny living where you do.
http://www.youtube.com/watch?v=vCS06rbL5hI&feature=related
Ha! I could use one of them for my driveway (and street). I'd be the hero of the neighborhood. Might even want to wear the army hat too, in homage to the Duke.
ReplyDeleteGreat video, Greg! A reminder for people like me that we live in a place where it snows. A LOT. Although I'm not expecting it in MAY, and we had some flurries yesterday and Sunday.
ReplyDeleteAnd it snowed at the Twins game I attended last Wednesday. Big flakes too. The played right through it, which was an odd sight under the lights.
ReplyDeleteS N O W - what is this thing "snow" you speak of? :P
ReplyDeleteI think Denise is traveling today.
It's that white stuff you can see out in the distance on those peaks in Cali.
ReplyDelete@greg,
ReplyDeleteMichael Ignatieff resigned - theglobeandmail.com
I think the center/left vote split.
Ignatieff, Harvard educated but unable to communicate with the 'massess'. Intelligent/honest guy. Sad day.
ICan
And unsurprisingly the nuts over at ZH continue to believe that Osama wasn't really killed and that it's a conspiracy of some sort. Of course it is. Do they realize just how impossible this kind of conspiracy (and how risky it would be for Obama to even attempt it) would be to carry out? All it would take is one person to squeal. There are just so many freaking insane people out there. ZH loses credibility by the minute with this crap. Once their last shred of remaining credibility is gone, that's when THE top will be in. LOL.
ReplyDeleteThor,
ReplyDeleteNot traveling today, just busy with people working on my home.
Manny,
ReplyDeleteOsama's body watch is the new birth certificate. I am sure Trump will pick up on it any day now.
"I have investigators on it right now and they tell me interesting things".
I have to agree with one commentator I heard, now they can't use TWOT to bludgeon Democrats anymore.
ReplyDelete"Vote Democratic and you're gonna die". Only Republicans can keep you safe. And the best one ever, since 9/11 there were no terror attacks (in the US, Europe would beg to differ) on my watch, except he forgets 9/11 was on his watch.
You nailed it, Denise. Truly unreal just how many people are out there that are completely bonkers in reality. Or simply being disingenuous. Or both.
ReplyDeleteOf course, eventually ZH will be "right" when the market turns again and will shout it from the rooftops. After being mostly wrong for years on end.
ReplyDeleteHere is the article that clears things up about the US tax rate:
ReplyDeleteUS Has High Tax Rates, But Pays Less
As I said, the effective tax rate is the most important number, not the marginal rate.
"The paradox of the United States tax code — high rates with a bounty of subsidies, shelters and special breaks — has made American multinationals “world leaders in tax avoidance,” according to Edward D. Kleinbard, a professor at the University of Southern California who was head of the Congressional joint committee on taxes. This has profound implications for businesses, the economy and the federal budget."
"In addition to being complex and uneven, the United States corporate tax code is inefficient and has become a diminishing source of revenue. Corporate taxes accounted for about 9 percent of all federal revenue in 2010. At $191 billion, they were equal to 1.3 percent of the nation’s gross domestic product. Most industrial countries collect more from companies, about 2.5 percent of output. Only a portion of that disparity can be explained by the many types of businesses in the United States that elect to be taxed at an individual rate."
Manny, I see what you are saying about the comments. First they post a fake photo of Bin Laden and then watch when the Lord of the Flies type comment erupt.
ReplyDeleteWhen will Mish say it is all the fault of the unions that Bin Laden wasn't captured for almost 10 years?
ReplyDeleteNew lows on the day. But we have not broken the overnight lows.
ReplyDeleteManny - agreed and I they really didn't kill him, Al Quada would truck Osama out for another "message to the field".
ReplyDeleteNasdaq new lows today and overnight. NASDAQ down .93% DOW down .15% SPX down .52%
ReplyDelete@Denise: Multi-national companies are only all too happy to let the small company and individual taxpayers get socked for it instead. Like Leona said, "taxes are for the little people (and companies)".
ReplyDeleteThor,
ReplyDeleteHow angry do you think that the rest of al Qaeda is after finding out the Osama was living the life of a western Grand Poobah in a fancy compound in the suburbs, in the lap of luxury when they thought he was sitting in a dirty cave eating camel meat and suffering for the cause like they were?
That he might have had his 77 virgins without becoming a martyr?
That was my point to Rock, the published rates are not a meaningful measure of what corporations actually end up paying. So it is not correct to compare our marginal rates with other country's marginal rates as the only thing that really matters is how much they actually pay.
ReplyDeleteManny,
ReplyDeleteExactly, that is why corporations spend so much money on lobbying and campaign contributions so that they can have the most advantageous regulatory and tax environment possible.
Manny lobbyists actually write the legislation.
@Denise: True but I think what Rock is saying is that the stated rates are what drives the behavior to seek those mostly legal loopholes and shelters that they're doing now and that if the real rate were brought down, while eliminating those shelters, the U.S. might be better off. The question is how low do you need to go before another country trumps you, and so on and so on, and then that rate is zero anyway? It's like these companies are using their economic power to extort the world's nations into having them not pay their fair share back to the communities they reside in and do business with, and that's not right. I say slap a tariff on them to business here if they don't comply.
ReplyDeleteManny,
ReplyDeleteThere is a question of fairness as different industries pay much different rates. Not everyone gets away with little or no tax.
What drives behavior is another story as the companies or industries create the loopholes when the legislation is written. Or they push the envelope and force the mostly toothless IRA to challenge their returns and other companies are not as aggressive or don't have friends in high places.
The entire system needs to be overhauled but I don't see that happening anytime soon.
ReplyDeleteAgreed Denise. The behavior also creates a slippery slope or race by others to keep up with that behavior. They set the pace for everyone else to try to compete with. The entire code needs to be thrown out and started over. Won't happen any time soon, of course, because like the entrenched interests in our health care (or should I say insurance) system, there are too many powerful people, entities and industries that are getting rich off of the status quo.
ReplyDeleteLong live the Osama Top! LOL.
ReplyDeleteMy little short is doing very well. Maybe this is the Osama Top!
ReplyDeleteWe haven't seen a good trend day down in a long time.
Consumer Staples, XLP, is up today.
ReplyDeleteNewest Chase Bank innovation in how to rip their customers off:
ReplyDeleteChase scuttles test of $5 ATM fee in Illinois
On our way to new lows again. Let's see if 135.13 holds.
ReplyDelete@Jeff(12:18)
ReplyDeleteX10
ICan
Denise: Re: your 1:36. I would imagine culturally, Al Quaeda would see Osama living in a luxurious compound as his reward for 9/11. Don't know that many of them would have a problem with that, they might argue "see, he was living the life of luxury right under their noses"
ReplyDeleteI wonder if they would have trouble with him emulating the life style of the west.
ReplyDeleteBut your take on it is valid, too.
dss, my little railway is the only green on my screen.
ReplyDeleteNew lows. Not good this late in the day. Trend day down still working.
ReplyDeletegreg,
ReplyDeleteThanks for pointing that out.
Looking at Vinfiz, I see that BAC, JPM and other large banks are doing very well, as is T, VZ, INTC.
Which explains why the DJIA is not as weak today.
Denise said: "We haven't seen a good trend day down in a long time." Indeed. How refreshing! Congratz on your little SPY short.
ReplyDeleteRed is back;) for now.
Possibly Denise, but remember many of his followers are pretty well indoctrinated at this point and not very educated. Sheeple X 1,000.
ReplyDeleteWolfie,
ReplyDeleteThanks. I closed it out at 135.20 on no new tick lows and a good volume spike. Might be premature but I am happy for what I got out of it.
Manny,
ReplyDeleteYou and Thor are probably right, it is a lot to expect that his followers would resent his lifestyle.
@Denise: too early in my mind. But well done anyway.
ReplyDeleteBloodbath in silver. I limp off to the sidelines.
ReplyDeleteI bailed last week, emmy, but didn't get out at the top. Still in my DIG and GDX though. I think that commodities and PM's about to whacked by QE ending. Ditto stocks. Just a delayed reaction, as per is usually the case with the market. Combined with overshooting both ends.
ReplyDeleteEmmy no!!! :-(
ReplyDeleteAll I can say is Gold better not be next!! Damn thing can't go up forever though, I know.
ReplyDeleteI think it's next, Thor. I have a small holding of GLD too.
ReplyDeleteWolfie,
ReplyDeleteIt's a trade, so I am happy with the profit.
Emmy,
ReplyDeleteSo sorry. Hope it wasn't too bad of a loss.
The silver sell off is mostly from the change in the margin requirements, I believe. But maybe the need to hold pm's is receding? Don't know how that could be, things haven't changed that much.
ReplyDeleteBut if people cannot meet their margin calls and don't want to sell their silver they will sell other things.
Plus as Manny said, the end of QE might be affecting them as well.
ReplyDeleteManny - I have 8 one ounce gold coins . . . not such a small position. Would never dream of selling though.
ReplyDeleteElection stats:
ReplyDeleteTotal register voters: 23,971,740
Voter turnout: 14,420,580
Voter turnout(%): 61.4%
Total number of seats: 304
Conservatives; 167--share of popular vote:39.6%
NDP: 103---share of popular vote:30.6%
Liberal: share of popular vote:18.4%
Yeh, majority govt. with 39.6% of the votes casted!
http;//enr.elections.ca/National_e.aspx
ICan
Damn. I've reposted on the yesterday thread again, instead of this one. lol.
ReplyDeleteOk, here goes:
ReplyDelete----SP500 short term update: WolfStreet's 2 cents to buy Mutt a coffee----
1) Markets are in a pullback for a few days
* On Friday, I mentioned a bearish divergence on the 10 minutes charts, that should have driven us down before the close. It didn't work out that way.
* However, I reiterated my opinion yesterday (11:49AM) that we could see some selling, which could last a few days.
* That's still my favorite scenario, with moderate confidence though.
* As emphasized by Denise on Friday, some retrace towards previous levels should be considered nothing more than a healthy pullback for the time being.
* In my mind, things would get more dire if we break 1330.
2) My target
ReplyDelete* Next support is the previous top at 1344
* However, I don't see it as significant
* I'll look for the 1330 line instead. It may give some hard times for the bears (well, whatever is left of that near extinct species anyway!).
* So for the time being, 1330 looks to me like a good opportunity to reload on longs.
One last word: SP500 may test the down trendline for this move before the close, around 1355. And fail, of course.:p
ReplyDeleteHuge volume in the past 15 minutes.
ReplyDeleteWolfie,
ReplyDeleteGood analysis. If we don't see a more meaningful pull back or a sideways consolidation it might mean we are going to go higher like a rocket ship. I still favor at least a sideways consolidation and would like to see a deeper pullback than this.
@Denise: thks for the info. My (otherwise reliable) software's volume data for the SP500 always seems buggy to me.
ReplyDeleteGood little reversal in the close indeed...
It broke through the down trendline I mentioned @3:48PM :'(.
Let's see what tomorrow brings then.
ReplyDeleteMeanwhile, gotta go. Too much charting today again. No time left for blogging about other stuff unfortunately.
Have a great evening all.
July Silver hasn't touched it's 50 day MA on this sell off.
ReplyDeleteICAN - two questions on your election results (besides a thank you!).
ReplyDelete1. is 61% turnout high for Canada?
2. Is the conservative party up there as far to the right as they are down here?
@Denise 4:00PM: Thanks for the insight.
ReplyDeleteBTW, we're damn close to your top for the year @ 1375, IIRC ;)
Ok. I'm on my way. Evening all.
Wolfie,
ReplyDeleteAt this point I think that my 1375 is going to be exceeded by the end of the year. Don't know by how much but I think it won't hold.
There have been no divergences in the AD line, which come at major tops, like in 2007, 1990, 1987.
Wow - I just took a look at last years market predictions. I didn't know I came in third! Emmie, you placed second. Way to go!
ReplyDeleteJust put in my predictions for this year now. . . late to the party, but I was out of town at the time.
Hah - isn't this perfect?
ReplyDeletehttp://thinkprogress.org/2011/05/03/tabor-crusader-arrested/
Infamous Anti-Tax Advocate Arrested For Tax Evasion
A state grand jury indicted Bruce, best known as the author of the Taxpayer’s Bill of Rights, or TABOR, on four counts of evading taxes, filing a false return, failing to file a return and attempting to influence a public servant. Three of the four counts are felonies, and the most serious of the charges could bring up to six years in prison and a $500,000 fine. [...]
[T]he indictment says that Bruce filed a false state tax return for 2005, when he reported no taxable income. In fact, the indictment charges, Bruce earned hundreds of thousands of dollars that year through wages, interest income and the payoff to him of a real estate loan. When state Revenue Department officials questioned Bruce about the 2005 return, he provided documents containing false information, the indictment alleges.
I thought this was good. The focus on forced "austerity" could be ironically what does in the economy again. Crazy stuff.
ReplyDeletehttp://www.nakedcapitalism.com/2011/05/marshall-auerback-get-ready-for-a-global-growth-slowdown.html
Good debate over at TBP
ReplyDeletehttp://www.ritholtz.com/blog/2011/05/welcome-to-socialist-america/comment-page-1/#comment-553268